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Operating income margin was 6.9% of total revenue, compared with
6.4% in the prior year quarter. Adjusted for organizational
restructuring expenses, operating income margin in the prior year
quarter was 6.7%. (See non-GAAP reconciliation below.)

Earnings per diluted share were $1.02, compared to $0.81 in the
prior year quarter. Adjusted earnings per diluted share in the prior
year quarter were $0.86. (See non-GAAP reconciliation below.)

Board approves quarterly dividend increase of 50% to $0.75 per
share. Since November 2011, the Company has tripled its quarterly
dividend.

The Company raises its guidance range for fiscal 2013 adjusted
earnings per diluted share to $4.75 to $4.85.

"Driven by strong sales, traffic and operational performance, our
earnings growth for the third quarter exceeded our expectations," said
Sandra B. Cochran, President and Chief Executive Officer of Cracker
Barrel Old Country Store, Inc. "We believe focusing on our priorities
around menu initiatives, store merchandise, marketing and operations
improved our operating margin and profitability during the quarter. Our
diluted earnings per share grew by 19% over the prior year. This
performance enabled us to further enhance shareholder value by
increasing our quarterly dividend by 50%, while we reduced our debt by
$125 million. We remain encouraged by our results and look to build on
our successes in the fourth quarter and into the next fiscal year."

Third-Quarter Fiscal 2013 Results

Revenue

The Company reported total revenue of $640.4 million for the third
quarter of fiscal 2013, representing an increase of 5.2% over the third
quarter of the prior year. Comparable store restaurant sales increased
3.1%, including a 2.4% increase in average check. The average menu price
increase for the quarter was approximately 2.3%. Comparable store retail
sales were up 5.5% for the quarter. The Company estimates that inclement
weather in the third quarter reduced comparable store traffic,
restaurant and retail sales by approximately 0.3%. The Company opened
one new Cracker Barrel store during the quarter, for a total of six new
store openings year-to-date.

Comparable store restaurant traffic, average check and comparable store
restaurant and retail sales for the fiscal months of February, March and
April were as follows:

Third

February

March

April

Quarter

Comparable restaurant traffic

-1.9%

4.2%

-0.1%

0.7%

Average check

2.5%

2.6%

2.1%

2.4%

Comparable restaurant sales

0.6%

6.8%

2.0%

3.1%

Comparable retail sales

5.2%

13.7%

-0.5%

5.5%

Fiscal 2012 was a 53-week year. For Fiscal 2013, the Company calculates
comparable store traffic, check and sales using the corresponding prior
year weeks.

Operating Income

Operating income was $44.2 million, or 6.9% of total revenue, in the
third quarter of fiscal 2013 compared with $39.1 million, or 6.4% of
total revenue, in the third quarter of the prior year. Adjusted for
restructuring expenses, operating income in the third quarter of the
prior year was $40.8 million, or 6.7% of total revenue. Lower hourly
labor expense as a percent of total revenue contributed significantly to
the operating income margin improvement.

Dividend Increase and Debt Repayment

The Board of Directors recently increased the quarterly dividend to
$0.75 per share on the Company's common stock, payable on August 5, 2013
to shareholders of record as of July 19, 2013. This represents a 50%
increase over the Company's last quarterly dividend of $0.50.

The Company's 2006 interest rate swap expired at the end of the third
quarter and the Company paid down $125 million of long-term debt. The
Company expects the lower debt balance and lower interest rates will
reduce its annual interest expense by approximately $25 million, or
approximately $0.70 per diluted share, and expects to recognize $0.17
per diluted share of this year-over-year benefit during the fourth
quarter of 2013.

Fiscal 2013 Outlook

Based upon year-to-date financial performance, recent trends and current
estimates, the Company raised its full-year guidance for fiscal 2013.
The Company expects total revenue of between $2.6 billion and $2.65
billion and adjusted earnings per diluted share of between $4.75 and
$4.85. The revenue projection for fiscal 2013 reflects the expected
opening of eight new Cracker Barrel stores and projected increases in
comparable store restaurant and retail sales in a range of 2.5% to 3.0%.
The Company projects commodity inflation of between 3.5% and 4.0% and an
adjusted operating income margin of between 7.4% and 7.6% of total
revenue for fiscal 2013. The Company expects capital expenditures of
between $75 million and $80 million. The Company reminds investors that
its outlook for fiscal 2013 reflects a number of assumptions, many of
which are outside the Company's control.

Fiscal 2013 Third-Quarter Conference Call

As previously announced, the live broadcast of Cracker Barrel's
quarterly conference call will be available to the public on-line at investor.crackerbarrel.com
on June 3, 2013, beginning at 11:00 a.m. (Eastern Time). An on-line
replay will be available at 2:00 p.m. (Eastern Time) and continue
through June 17, 2013.

About Cracker Barrel

Cracker Barrel Old Country Store provides a friendly home-away-from-home
in its old country stores and restaurants. Guests are cared for like
family while relaxing and enjoying real home-style food and shopping
that's surprisingly unique, genuinely fun and reminiscent of America's
country heritage…all at a fair price. The restaurants serve up
delicious, home-style country food such as meatloaf and homemade chicken
n' dumplins as well as our signature biscuits using an old family
recipe. The authentic old country retail store is fun to shop and offers
unique gifts and self-indulgences.

Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) was established in
1969 in Lebanon, Tenn. and operates 622 company-owned locations in 42
states. Every Cracker Barrel store is open seven days a week with hours
Sunday through Thursday, 6 a.m. — 10 p.m., and Friday and Saturday, 6
a.m. — 11 p.m. For more information, visit: crackerbarrel.com.

CBRL-F

Except for specific historical information, certain of the matters
discussed in this press release may express or imply projections of
revenues or expenditures, statements of plans and objectives or future
operations or statements of future economic performance. These, and
similar statements are forward-looking statements concerning matters
that involve risks, uncertainties and other factors which may cause the
actual performance of Cracker Barrel Old Country Store, Inc. and its
subsidiaries to differ materially from those expressed or implied by
this discussion. All forward-looking information is subject to
completion of our financial procedures for Q3FY13 and is provided
pursuant to the safe harbor established under the Private Securities
Litigation Reform Act of 1995 and should be evaluated in the context of
these factors. Forward-looking statements generally can be identified by
the use of forward-looking terminology such as "trends," "assumptions,"
"target," "guidance," "outlook," "opportunity," "future," "plans,"
"goals," "objectives," "expectations," "near-term," "long-term,"
"projection," "may," "will," "would," "could," "expect," "intend,"
"estimate," "anticipate," "believe," "potential," "should," "projects,"
"forecasts," or "continue" (or the negative or other derivatives of each
of these terms) or similar terminology and include the expected effects
of operational improvement initiatives, such as new menu items and
retail offerings. Factors which could materially affect actual results
include, but are not limited to: the effects of uncertain consumer
confidence, higher costs for energy, general or regional economic
weakness, weather on sales and customer travel, and discretionary income
or personal expenditure activity of our customers; our ability to
identify, acquire and sell successful new lines of retail merchandise
and new menu items at our restaurants; our ability to successfully
implement or sustain plans intended to improve operational or marketing
execution and performance; changes in or implementation of additional
governmental or regulatory rules, regulations and interpretations
affecting tax, wage and hour matters, health and safety, pensions,
insurance or other undeterminable areas; our ability to successfully
implement plans intended to promote or protect our brands and products;
commodity price increases; the ability of and cost to us to recruit,
train, and retain qualified hourly and management employees in an
escalating wage environment; the effects of increased competition at our
locations on sales and on labor recruiting, cost, and retention;
workers' compensation, group health and utility price changes; consumer
behavior based on negative publicity or concerns over nutritional or
safety aspects of our food or products or those of the restaurant
industry in general, including concerns about pandemics, as well as the
possible effects of such events on the price or availability of
ingredients used in our restaurants; the effects of our substantial
indebtedness and associated restrictions on our financial and operating
flexibility and ability to execute or pursue our operating plans and
objectives; changes in interest rates or capital market conditions
affecting our financing costs and ability to refinance all or portions
of our indebtedness; the effects of business trends on the outlook for
individual restaurant locations and the effect on the carrying value of
those locations; the availability and cost of suitable sites for
restaurant development and our ability to identify those sites; changes
in land, building materials and construction costs; the actual results
of pending, future or threatened litigation or governmental
investigations and the costs and effects of negative publicity
associated with these activities; practical or psychological effects of
natural disasters or terrorist acts or war and military or government
responses; disruptions to our restaurant or retail supply chain; changes
in foreign exchange rates affecting our future retail inventory
purchases; implementation of new or changes in interpretation of
existing accounting principles generally accepted in the United States
of America; and other factors described from time to time in our filings
with the Securities and Exchange Commission, press releases, and other
communications.

Any forward-looking statement made by us herein, or elsewhere, speaks
only as of the date on which made. We expressly disclaim any intent,
obligation or undertaking to update or revise any forward-looking
statements made herein to reflect any change in our expectations with
regard thereto or any change in events, conditions or circumstances on
which any such statements are based.

The Company makes reference in this release to "adjusted operating
income," "adjusted net income," "adjusted earnings per diluted
share," and "adjusted general and administrative expenses,"
excluding the impact of severance and proxy contest expenses and the
retroactive restatement of the work opportunities tax credit. The
Company believes that excluding these items and their related tax
effects from its financial results reflects operating results that
are more indicative of the Company's ongoing operating performance
while improving comparability to prior periods, and as such, may
provide investors with an enhanced understanding of the Company's
past financial performance and prospects for the future. This
information is not intended to be considered in isolation or as a
substitute for operating income, net income, or earnings per share
or expense information prepared in accordance with GAAP.

Third Quarter ended May 3, 2013

Third Quarter ended April 27, 2012

As Reported

Adjust

As Adjusted

As Reported

Adjust (2)

As Adjusted

Store operating income

$

80,153

$

-

$

80,153

$

73,677

$

-

$

73,677

General and administrative expenses

35,981

-

35,981

34,569

(1,660

)

32,909

Operating income

44,172

-

44,172

39,108

1,660

40,768

Interest Expense

10,194

-

10,194

11,173

-

11,173

Pretax income

33,978

-

33,978

27,935

1,660

29,595

Provision for income taxes

9,376

-

9,376

8,961

532

9,493

Net income

$

24,602

$

-

$

24,602

$

18,974

$

1,128

$

20,102

Earning per share - Basic

$

1.04

$

-

$

1.04

$

0.82

$

0.05

$

0.87

Earning per share - Diluted

$

1.02

$

-

$

1.02

$

0.81

$

0.05

$

0.86

Nine months ended May 3, 2013

Nine months ended April 27, 2012

As Reported

Adjust (1) (2) (3)

As Adjusted

As Reported

Adjust (1) (2)

As Adjusted

Store operating income

$

252,169

$

-

$

252,169

$

239,569

$

-

$

239,569

General and administrative expenses

105,492

(5,634

)

99,858

108,500

(6,863

)

101,637

Operating income

146,677

5,634

152,311

131,069

6,863

137,932

Interest Expense

31,199

-

31,199

33,333

-

33,333

Pretax income

115,478

5,634

121,112

97,736

6,863

104,599

Provision for income taxes

32,516

3,847

36,363

29,351

2,061

31,412

Net income

$

82,962

$

1,787

$

84,749

$

68,385

$

4,802

$

73,187

Earning per share - Basic

$

3.50

$

0.08

$

3.58

$

2.97

$

0.21

$

3.18

Earning per share - Diluted

$

3.47

$

0.07

$

3.54

$

2.93

$

0.21

$

3.14

(1)

Charges and tax effects of the proxy contest concluded at the
Company's annual meeting of shareholders.

(2)

Severance, other charges and tax effects related to organizational
changes.

(3)

Provision for taxes adjusted to exclude the $2.1 million prior year
favorable effect of the retroactive reinstatement of the work
opportunity tax credit.